US President Donald Trump signed an executive order ending a global tariff exemption used by shoppers of low-cost goods. The order, signed on Wednesday, comes into force on 29 August and broadens earlier presidential action that specifically targeted cheap products from China and Hong Kong to now cover the rest of the world.

The low-cost shipments were previously excluded from tariffs; President Trump said the loophole has allowed countries to avoid taxes and smuggle drugs into the U.S.

U.S. President Donald Trump signed an executive order on Wednesday imposing a 40% tariff on Brazilian exports, bringing the country's total tariff amount to 50%. Some of Brazil's major exports, however,